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2013 New York Consolidated Laws
ISC - Insurance
Article 74 - (7401 - 7437) REHABILITATION, LIQUIDATION, CONSERVATION AND DISSOLUTION OF INSURERS
7424 - Deposit of monies collected; preference.


NY Ins L § 7424 (2012) What's This?
 
    §  7424.  Deposit of monies collected; preference. Monies collected by
  the superintendent in a proceeding under this article shall be deposited
  in one or  more  state  or  national  banks,  savings  banks,  or  trust
  companies.  In  the  case  of  insolvency  or  voluntary  or involuntary
  liquidation of any such depositary organized and  supervised  under  the
  laws  of  this  state,  such  deposits  shall be entitled to priority of
  payment on an equality with any other priority given by the banking  law
  of  this  state.  The  superintendent may in his discretion deposit such
  monies or any part thereof in a national bank  or  trust  company  as  a
  trust fund.

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